Document_and_Entity_Informatio
Document and Entity Information | 6 Months Ended | |
Jun. 30, 2014 | Aug. 01, 2014 | |
Document Document And Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Jun-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q2 | ' |
Trading Symbol | 'CYNI | ' |
Entity Registrant Name | 'CYAN INC | ' |
Entity Central Index Key | '0001391636 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Non-accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 47,011,647 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (Unaudited) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $13,211 | $32,509 |
Marketable securities | 25,553 | 31,639 |
Accounts receivable, net of allowance for doubtful accounts of $48 and $147 at June 30, 2014 and December 31, 2013 | 13,131 | 14,558 |
Short-term lease receivable | 0 | 201 |
Inventories | 13,057 | 20,746 |
Deferred costs | 3,768 | 8,286 |
Prepaid expenses and other | 3,297 | 1,378 |
Total current assets | 72,017 | 109,317 |
Long-term lease receivable | 0 | 403 |
Property and equipment, net | 11,299 | 11,155 |
Other assets | 643 | 645 |
Total assets | 83,959 | 121,520 |
Current liabilities: | ' | ' |
Accounts payable | 5,068 | 8,474 |
Accrued liabilities | 5,606 | 3,786 |
Accrued compensation | 4,212 | 4,895 |
Term loan, current portion | 1,635 | 1,604 |
Deferred revenue | 10,781 | 17,516 |
Deferred rent | 117 | 115 |
Other liabilities | 290 | 734 |
Total current liabilities | 27,709 | 37,124 |
Term loan, non-current portion | 2,571 | 3,396 |
Deferred revenue | 1,348 | 1,577 |
Deferred rent | 431 | 486 |
Total liabilities | 32,059 | 42,583 |
Commitments and contingencies (Note 6) | ' | ' |
Stockholders’ equity (deficit): | ' | ' |
Preferred stock, $0.0001 par value, 20,000,000 shares authorized and no shares issued or outstanding as of June 30, 2014 and December 31, 2013. | 0 | 0 |
Common stock, $0.0001 par value: 1,000,000,000 shares authorized as of June 30, 2014 and December 31, 2013; 46,992,526 and 46,536,436 shares issued and outstanding as of June 30, 2014 and December 31, 2013. | 5 | 5 |
Additional paid in-capital | 211,665 | 206,300 |
Accumulated other comprehensive income (loss) | -16 | -86 |
Accumulated deficit | -159,754 | -127,282 |
Total stockholders’ equity (deficit) | 51,900 | 78,937 |
Total liabilities and stockholders’ equity (deficit) | $83,959 | $121,520 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ' | ' |
Allowance for doubtful accounts | $48 | $147 |
Preferred stock, par value | $0.00 | $0.00 |
Preferred stock, shares authorized | 20,000,000 | 20,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $0.00 | $0.00 |
Common stock, shares authorized | 1,000,000,000 | 1,000,000,000 |
Common stock, shares issued | 46,992,526 | 46,536,436 |
Common stock, shares outstanding | 46,992,526 | 46,536,436 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Operations (Unaudited) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Income Statement [Abstract] | ' | ' | ' | ' |
Revenue | $24,392 | $31,686 | $43,430 | $58,005 |
Cost of revenue | 14,268 | 17,936 | 25,883 | 33,338 |
Gross profit | 10,124 | 13,750 | 17,547 | 24,667 |
Operating expenses: | ' | ' | ' | ' |
Research and development | 9,620 | 8,158 | 19,092 | 15,397 |
Sales and marketing | 11,331 | 10,821 | 22,360 | 18,838 |
General and administrative | 3,711 | 3,095 | 8,274 | 5,958 |
Total operating expenses | 24,662 | 22,074 | 49,726 | 40,193 |
Loss from operations | -14,538 | -8,324 | -32,179 | -15,526 |
Interest expense | -42 | -136 | -89 | -262 |
Other income (expense), net | -49 | -607 | -111 | -2,608 |
Total other expense, net | -91 | -743 | -200 | -2,870 |
Loss before provision for income taxes | -14,629 | -9,067 | -32,379 | -18,396 |
Provision for income taxes | 43 | 21 | 93 | 42 |
Net loss | ($14,672) | ($9,088) | ($32,472) | ($18,438) |
Basic and diluted net loss per share (usd per share) | ($0.31) | ($0.33) | ($0.69) | ($1.22) |
Weighted-average number of shares used in computing basic and diluted net loss per share (shares) | 46,882 | 27,425 | 46,760 | 15,077 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Comprehensive Loss (Unaudited) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Statement of Comprehensive Income [Abstract] | ' | ' | ' | ' |
Net loss | ($14,672) | ($9,088) | ($32,472) | ($18,438) |
Other comprehensive income (loss): | ' | ' | ' | ' |
Foreign currency translation adjustments | -69 | 50 | 58 | 35 |
Unrealized gains on available for sale securities, net of tax | 3 | 0 | 12 | 0 |
Total other comprehensive income (loss) | -66 | 50 | 70 | 35 |
Comprehensive loss | ($14,738) | ($9,038) | ($32,402) | ($18,403) |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Operating activities | ' | ' |
Net loss | ($32,472) | ($18,438) |
Adjustments to reconcile net loss to net cash used in operating activities: | ' | ' |
Depreciation and amortization | 1,793 | 1,226 |
Stock-based compensation | 5,282 | 2,902 |
Change in fair value for warrants | 0 | 2,602 |
Changes in operating assets and liabilities: | ' | ' |
Accounts receivable | 1,427 | -4,162 |
Lease receivable | 604 | 0 |
Inventories | 7,447 | 1,014 |
Deferred costs | 4,518 | -2,822 |
Prepaid expenses and other assets | -1,917 | -34 |
Accounts payable | -2,478 | 3,921 |
Accrued and other liabilities | 1,424 | 1,347 |
Accrued compensation | -683 | 670 |
Deferred revenue | -6,964 | 5,757 |
Deferred rent | -53 | 48 |
Net cash used in operating activities | -22,072 | -5,969 |
Investing activities | ' | ' |
Purchases of property and equipment | -2,623 | -3,072 |
Purchase of available for sale securities | -12,803 | 0 |
Maturity of available for sale securities | 17,900 | 0 |
Sale of available for sale securities | 1,000 | 0 |
Net cash provided by (used in) investing activities | 3,474 | -3,072 |
Financing activities | ' | ' |
Proceeds from initial public offering (IPO), net of issuance costs | 0 | 88,164 |
Proceeds from stock-based compensation programs | 398 | 1,105 |
Repayments of borrowings under notes payable | 0 | -7,563 |
Taxes paid related to net-share settlements of restricted stock units | -325 | 0 |
Repayments of borrowings under term loan | -794 | 0 |
Payments on capital leases | -39 | 0 |
Net cash provided by (used in) financing activities | -760 | 81,706 |
Effect of exchange rate changes on cash and cash equivalents | 60 | 35 |
Net increase (decrease) in cash and cash equivalents | -19,298 | 72,700 |
Cash and cash equivalents at beginning of period | 32,509 | 20,221 |
Cash and cash equivalents at end of period | 13,211 | 92,921 |
Supplemental disclosures of cash flow information | ' | ' |
Cash paid for interest | 92 | 256 |
Non-cash Investing and financing activities | ' | ' |
Property and equipment included in accounts payable | 255 | 853 |
Deferred offering costs in accounts payable and accrued liabilities | 0 | 689 |
Conversion of convertible preferred stock into common stock upon IPO | 0 | 98,133 |
Reclassification of preferred stock warrant liability upon IPO | $0 | $8,856 |
Organization_and_Significant_A
Organization and Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2014 | |
Accounting Policies [Abstract] | ' |
Organization and Significant Accounting Policies | ' |
Organization and Significant Accounting Policies | |
Description of the Business — Cyan, Inc. (Cyan or the Company) was incorporated on October 25, 2006, in the state of Delaware and its principal executive offices are located in Petaluma, California. The Company has pioneered innovative, carrier-grade networking solutions that transform disparate and inefficient legacy networks into open, high-performance networks. The Company’s solutions include high-capacity, multi-layer switching and transport platforms as well as a carrier-grade software-defined networking platform and applications. The Company’s solutions enable its customers to virtualize their networks, accelerate service delivery and increase scalability and performance while reducing costs. The Company designed its solutions to provide a variety of existing and emerging premium applications including business Ethernet, wireless backhaul, broadband backhaul and cloud connectivity. The Company’s customers range from service providers to high-performance data center and large, private network operators. | |
Unaudited Interim Condensed Consolidated Financial Statements — The Company has prepared the accompanying unaudited interim condensed consolidated financial statements in accordance with accounting principles generally accepted in the United States (GAAP), and with Securities and Exchange Commission (SEC) rules and regulations, which allow for certain information and footnote disclosures that are normally included in annual financial statements prepared in accordance with GAAP to be condensed or omitted. In the Company's opinion, these unaudited interim condensed consolidated financial statements have been prepared on the same basis as the audited consolidated financial statements for the fiscal year ended December 31, 2013 and include all adjustments necessary for fair presentation. The Condensed Consolidated Balance Sheet at December 31, 2013 has been derived from the audited financial statements at that date. | |
The accompanying unaudited interim condensed consolidated financial statements should be read in conjunction with the Company's consolidated financial statements for the fiscal year ended December 31, 2013 which are included in the Company's Annual Report on Form 10-K filed with the SEC. | |
Certain items in the prior period’s consolidated financial statements have been reclassified to conform to the current period’s presentation. These reclassifications did not impact any prior amounts of reported total assets, total liabilities, stockholders’ equity or results of operations. | |
Events in 2014 required the Company to make additions to the accounting policies for stock-based compensation and liquidity, as more fully set forth below. There have been no other changes in the significant accounting policies as described in the audited consolidated financial statements for 2013 included in the Annual Report. | |
The results for the three and six months ended June 30, 2014 are not necessarily indicative of the results to be expected for any subsequent quarterly or annual financial period, including the fiscal year ending December 31, 2014. | |
Principles of Consolidation — The Company's consolidated financial statements include its accounts and the accounts of its wholly-owned subsidiaries. Intercompany transactions and balances have been eliminated. | |
Fiscal Periods — The Company operates on fiscal periods ending on the last day of the respective calendar quarter. | |
Use of Estimates — The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses for the reporting period. For the Company, these estimates include, but are not limited to, allowances for doubtful accounts, inventory valuation including write-downs for excess and obsolete inventory, allowances for obligations to its contract manufacturer, useful lives assigned to long-lived assets, the reserve for sales returns, the fair value of stock awards and the probability that specified goals underlying performance based awards will be achieved, product warranty costs, contingencies and the accounting for income taxes, including the timing of the establishment or release of its valuation allowance related to the Company's deferred tax asset balances and reserves for uncertain tax positions. Prior to the Company's initial public offering (IPO), the Company also estimated the fair value of common and redeemable convertible preferred stock and related warrants. Actual results could differ from those estimates, and such differences could be material to the Company’s consolidated financial position and results of operations. | |
Stock-based Compensation — The Company granted restricted stock units (RSUs) to its employees and performance based restricted stock units (PBRSUs) to members of the executive team in the six months ended June 30, 2014. The stock-based compensation expense related to RSUs is recognized on a ratable basis over the requisite service period of the grant. The stock-based compensation expense related to PBRSUs is recognized based on the attainment of specified goals over the performance period. The fair value of RSUs and PBRSUs is determined using the fair value of the Company’s common stock on the date of grant. | |
Liquidity — The accompanying financial statements for the three and six months ended June 30, 2014 have been prepared on a going concern basis, which contemplates the realization of assets and the settlement of liabilities and commitments in the normal course of business for the foreseeable future. Since inception, the Company has incurred net losses in each quarterly and annual period. In the three and six months ended June 30, 2014 the Company incurred net losses of $14.7 million and $32.5 million. As of June 30, 2014, the Company had an accumulated deficit of $159.8 million. | |
The Company requires a significant amount of cash resources to operate its business. The Company used approximately $25.4 million of cash, cash equivalents and marketable securities in the six months ended June 30, 2014, including $22.1 million used in operating activities. The Company ended the quarter with cash, cash equivalents and marketable securities of $38.8 million. The Company's liquidity is affected by many factors including, among others, fluctuations in revenue, gross profits and operating expenses, as well as changes in operating assets and liabilities. At current levels of revenue, expenses and capital expenditures, the Company believes that its existing cash, cash equivalents and marketable securities, together with its cash collections will be sufficient to meet its projected operating and capital expenditure requirements through the first quarter of 2015. However, further softening in the demand for the Company's products and services may result in higher than anticipated losses in the future and lower its cash balances at a faster rate. The Company is exploring options to raise additional funds through public or private equity or debt financing to extend that period. Should additional funding not be available, or should funding only be available on unfavorable terms, the Company may make changes to its operating model and capital expenditures to extend that period or it may have to significantly reduce its business activities which could adversely affect its ability to compete effectively in the markets in which it participates which could, in turn, adversely affect its results of operations. If the Company issues equity securities in order to raise additional funds, substantial dilution to existing stockholders may occur. If the Company raises cash through additional indebtedness, it may be subject to additional contractual restrictions on its business. | |
The accompanying financial statements do not include any adjustments relating to the recoverability of the carrying amounts of recorded assets or the amount of liabilities that might result from the outcome of uncertainties. | |
New Accounting Pronouncements — In May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers (Topic 606) (ASU 2014-09), which provides guidance for revenue recognition. ASU 2014-09 supersedes the revenue recognition requirements in Topic 605, Revenue Recognition, and most industry-specific guidance. Additionally, it supersedes some cost guidance included in Subtopic 605-35, Revenue Recognition-Construction-Type and Production-Type Contracts, and creates new Subtopic 340-40, Other Assets and Deferred Costs-Contracts with Customers. The standard’s core principle is that a company will recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. In doing so, companies will need to use more judgment and make more estimates than under the previous guidance. These may include identifying performance obligations in the contract, estimating the amount of variable consideration to include in the transaction price and allocating the transaction price to each separate performance obligation. The standard will be effective for the Company in the first quarter of fiscal 2017. Early adoption is not permitted. The Company is currently assessing the potential impact on its financial statements from adopting this new guidance. |
Net_Loss_Per_Share
Net Loss Per Share | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||||
Net Loss Per Share | ' | |||||||||||||||
Net Loss Per Share | ||||||||||||||||
The following table presents the calculation of basic and diluted net loss per share (in thousands, except per share data): | ||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Net loss | $ | (14,672 | ) | $ | (9,088 | ) | $ | (32,472 | ) | $ | (18,438 | ) | ||||
Weighted-average shares used to compute basic and diluted net loss per share | 46,882 | 27,425 | 46,760 | 15,077 | ||||||||||||
Basic and diluted net loss per share | $ | (0.31 | ) | $ | (0.33 | ) | $ | (0.69 | ) | $ | (1.22 | ) | ||||
The following securities were excluded from the calculation of diluted net loss per share attributable to common stockholders because their effect would have been anti-dilutive for the periods presented (in thousands): | ||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Employee stock options | 12,700 | 12,436 | 12,700 | 12,436 | ||||||||||||
Unvested restricted stock units | 2,723 | — | 2,723 | — | ||||||||||||
Convertible preferred stock warrants | — | 115 | — | 115 | ||||||||||||
15,423 | 12,551 | 15,423 | 12,551 | |||||||||||||
Fair_Value_Disclosure
Fair Value Disclosure | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Fair Value Disclosure | ' | ||||||||||||||||
Fair Value Disclosure | |||||||||||||||||
Assets and liabilities recorded at fair value in the consolidated financial statements are categorized based upon the level of judgment associated with the inputs used to measure their fair value. The Company categorizes its financial instruments into a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). | |||||||||||||||||
A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Hierarchical levels that are directly related to the amount of subjectivity associated with the inputs to the valuation of these assets or liabilities are as follows: | |||||||||||||||||
Level 1: Inputs are unadjusted quoted prices in active markets for identical assets or liabilities at the measurement date. | |||||||||||||||||
Level 2: Inputs (other than quoted market prices included in Level 1) are either directly or indirectly observable for the asset or liability through correlation with market data at the measurement date and for the duration of the instrument’s anticipated life. | |||||||||||||||||
Level 3: Inputs reflect management’s best estimate of what market participants would use in pricing the asset or liability at the measurement date. Consideration is given to the risk inherent in the valuation technique and the risk inherent in the inputs to the model. | |||||||||||||||||
Fair Value Hierarchy | |||||||||||||||||
The following tables set forth by level within the fair value hierarchy the Company’s assets and liabilities at fair value as of June 30, 2014 (in thousands): | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
Assets: | |||||||||||||||||
Cash equivalents: | |||||||||||||||||
Money market funds | $ | 1,091 | $ | — | $ | — | $ | 1,091 | |||||||||
Marketable securities: | |||||||||||||||||
Commercial paper | $ | — | $ | 9,597 | $ | — | $ | 9,597 | |||||||||
Corporate bonds | — | 5,860 | — | 5,860 | |||||||||||||
Municipal bonds | — | 1,027 | — | 1,027 | |||||||||||||
U.S. government-sponsored agency securities | — | 3,032 | — | 3,032 | |||||||||||||
U.S. treasury securities | 6,037 | — | — | 6,037 | |||||||||||||
Total marketable securities | $ | 6,037 | $ | 19,516 | $ | — | $ | 25,553 | |||||||||
The following tables set forth by level within the fair value hierarchy the Company’s assets and liabilities at fair value as of December 31, 2013 (in thousands): | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
Assets: | |||||||||||||||||
Cash equivalents: | |||||||||||||||||
Money market funds | $ | 13,452 | $ | — | $ | — | $ | 13,452 | |||||||||
Marketable securities: | |||||||||||||||||
Commercial paper | $ | — | $ | 19,687 | $ | — | $ | 19,687 | |||||||||
Corporate bonds | — | 4,857 | — | 4,857 | |||||||||||||
Municipal bonds | — | 1,026 | — | 1,026 | |||||||||||||
U.S. government-sponsored agency securities | — | 2,031 | — | 2,031 | |||||||||||||
U.S. treasury securities | 4,038 | — | — | 4,038 | |||||||||||||
Total marketable securities | $ | 4,038 | $ | 27,601 | $ | — | $ | 31,639 | |||||||||
There were no transfers of assets or liabilities measured at fair value between levels within the fair value hierarchy during the six months ended June 30, 2014 or 2013. | |||||||||||||||||
The Company's marketable securities have maturity dates up to two years from the date of purchase and active markets for these securities exist. As of June 30, 2014, based on contractual maturity the Company had $18.7 million and $6.9 million of marketable securities maturing within one and two years. The Company classifies its available-for-sale marketable securities as short-term marketable securities in its consolidated balance sheet based on management's intention to have the funds available for use in operations or strategic investments rather than actual maturity dates. | |||||||||||||||||
The following table shows the Company’s available-for-sale securities amortized cost, gross unrealized gains, gross unrealized losses and fair value as of June 30, 2014 (in thousands): | |||||||||||||||||
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | ||||||||||||||
Marketable securities: | |||||||||||||||||
Commercial paper | $ | 9,595 | $ | 2 | $ | — | $ | 9,597 | |||||||||
Corporate bonds | 5,854 | 6 | — | 5,860 | |||||||||||||
Municipal bonds | 1,027 | — | — | 1,027 | |||||||||||||
U.S. government-sponsored agency securities | 3,026 | 6 | — | 3,032 | |||||||||||||
U.S. treasury securities | 6,023 | 14 | — | 6,037 | |||||||||||||
Total marketable securities | $ | 25,525 | $ | 28 | $ | — | $ | 25,553 | |||||||||
The Company regularly reviews its marketable securities portfolio to identify and evaluate instruments that have indications of possible impairment. As of June 30, 2014 no marketable securities have been in a continuous unrealized loss position for more than twelve months. The Company has evaluated its marketable securities portfolio as of June 30, 2014 and has determined that none of its marketable securities are impaired. |
Balance_Sheet_Components
Balance Sheet Components | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | |||||||||||||||
Balance Sheet Components | ' | |||||||||||||||
Balance Sheet Components | ||||||||||||||||
Cash and Cash Equivalents | ||||||||||||||||
Cash and cash equivalents consisted of the following (in thousands): | ||||||||||||||||
30-Jun-14 | December 31, 2013 | |||||||||||||||
Cash | $ | 12,120 | $ | 19,057 | ||||||||||||
Money market funds | 1,091 | 13,452 | ||||||||||||||
Total cash and cash equivalents | $ | 13,211 | $ | 32,509 | ||||||||||||
Lease Receivables | ||||||||||||||||
A summary of the Company’s lease receivables is presented as follows (in thousands): | ||||||||||||||||
30-Jun-14 | December 31, 2013 | |||||||||||||||
Net minimum lease payments to be received | $ | — | $ | 639 | ||||||||||||
Less unearned interest income portion | — | 35 | ||||||||||||||
Total lease receivable | — | 604 | ||||||||||||||
Less short-term lease receivable | — | 201 | ||||||||||||||
Long-term lease receivable | $ | — | $ | 403 | ||||||||||||
In the three months ended March 31, 2014 the lease receivable was paid off by the customer for cash proceeds of $0.6 million. | ||||||||||||||||
Inventory | ||||||||||||||||
Inventories consisted primarily of finished goods purchased from the contract manufacturer and are stated at the lower of cost or market value (on a first-in, first-out basis). Inventory consisted of the following (in thousands): | ||||||||||||||||
30-Jun-14 | December 31, 2013 | |||||||||||||||
Raw materials | $ | 297 | $ | 748 | ||||||||||||
Finished goods | 12,760 | 19,998 | ||||||||||||||
Total Inventory | $ | 13,057 | $ | 20,746 | ||||||||||||
Property and Equipment, Net | ||||||||||||||||
Property and equipment, net consisted of the following (in thousands): | ||||||||||||||||
30-Jun-14 | December 31, 2013 | |||||||||||||||
Lab equipment and tooling | $ | 15,933 | $ | 14,743 | ||||||||||||
Software | 628 | 667 | ||||||||||||||
Leasehold improvements | 1,569 | 1,595 | ||||||||||||||
Furniture and fixtures | 942 | 974 | ||||||||||||||
Computer equipment | 698 | 979 | ||||||||||||||
19,770 | 18,958 | |||||||||||||||
Less accumulated depreciation and amortization | (8,471 | ) | (7,803 | ) | ||||||||||||
Property and equipment, net | $ | 11,299 | $ | 11,155 | ||||||||||||
For the three months ended June 30, 2014 and 2013 depreciation and amortization expense on property and equipment was $0.9 million and $0.7 million. For the six months ended June 30, 2014 and 2013 depreciation and amortization expense on property and equipment was $1.8 million and $1.2 million. | ||||||||||||||||
Accrued Liabilities | ||||||||||||||||
Accrued liabilities consisted of the following (in thousands): | ||||||||||||||||
30-Jun-14 | December 31, 2013 | |||||||||||||||
Inventory-in-transit | $ | 779 | $ | 344 | ||||||||||||
Warranty reserve (1) | 3,090 | 1,374 | ||||||||||||||
Sales returns reserve | 194 | 198 | ||||||||||||||
Professional fees | 576 | 862 | ||||||||||||||
Sales and use taxes | 275 | 497 | ||||||||||||||
Other | 692 | 511 | ||||||||||||||
Total accrued liabilities | $ | 5,606 | $ | 3,786 | ||||||||||||
(1) Activity related to warranties is as follows (in thousands): | ||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Beginning balance | $ | 1,677 | $ | 1,334 | $ | 1,374 | $ | 1,266 | ||||||||
Charge to cost of sales | 132 | 794 | 605 | 1,127 | ||||||||||||
Costs incurred | (286 | ) | (344 | ) | (456 | ) | (609 | ) | ||||||||
Incremental warranty recoverable from manufacturer (2) | 1,567 | — | 1,567 | — | ||||||||||||
Closing balance | $ | 3,090 | $ | 1,784 | $ | 3,090 | $ | 1,784 | ||||||||
(2) During the three months ended June 30 2014, the Company and a component manufacturer reached an agreement whereby the component manufacturer agreed to reimburse the Company for certain costs, up to an agreed maximum, associated with replacing defective products sold to customers. Of the warranty reserve balance at June 30, 2014, $1.6 million is subject to reimbursement once incurred. |
Debt
Debt | 6 Months Ended | |||
Jun. 30, 2014 | ||||
Debt Disclosure [Abstract] | ' | |||
Debt | ' | |||
Debt | ||||
Loan and Security Agreement | ||||
On December 21, 2012, the Company entered into a Loan and Security Agreement with Silicon Valley Bank (SVB). The agreement provided for a revolving loan facility of up to $10.0 million and a term loan facility of up to $5.0 million, for a total loan facility of up to $15.0 million. As of June 30, 2014 and December 31, 2013 the Company had $4.2 million and $5.0 million as term loans and no amounts as revolving loans outstanding. | ||||
Revolving loans bear interest at a floating rate equal to the greater of (i) 3.25% or (ii) the prime rate. For the first 12 months following each term loan advance, each term loan advance bears interest at a floating rate equal to the prime rate, plus 0.50%. Thereafter, each term loan advance bears interest at a fixed rate equal to the prime rate on the date following such 12 month period, plus 0.50%. | ||||
Interest on the revolving loans and the term loans is due and payable monthly in arrears. Revolving loans may be borrowed, repaid and reborrowed until December 21, 2014, when all outstanding amounts must be repaid. Principal on each term loan advance is payable in 36 equal monthly installments beginning 12 months after the date on which such term loan advance is made. Prepayments of the term loan facility prior to its termination dates will be subject to early termination fees, subject to certain exceptions. There is no commitment fee associated with the revolving loan. | ||||
The Company’s obligations under the loan facility are secured by a security interest on substantially all of its assets, excluding the Company’s intellectual property and certain other assets. Additionally, the Company’s future domestic subsidiaries, if any, may be required to become co-borrowers or guarantors under the loan facility. | ||||
The Loan and Security Agreement as amended, contains customary affirmative and negative covenants limiting the Company’s ability and the ability of its subsidiaries to, among other things, dispose of assets, undergo a change in control, merge or consolidate, make acquisitions, incur debt, incur liens, pay dividends, repurchase stock and make investments, in each case subject to certain exceptions. The Company must also comply with a minimum adjusted quick ratio financial covenant which is the ratio of its unrestricted cash and net billed accounts receivable to its current liabilities minus the current portion of deferred revenue. | ||||
The Loan and Security Agreement also contains customary events of default including, among others, payment defaults, breaches of covenants, investor abandonment, bankruptcy and insolvency events, cross defaults with certain material indebtedness, judgment defaults, and breaches of representations and warranties. Upon an event of default, SVB may declare all or a portion of the Company’s outstanding obligations payable to be immediately due and payable and exercise other rights and remedies provided for under the agreement. During the existence of an event of default, interest on the obligations could be increased by 5.0%. | ||||
As of June 30, 2014 and December 31, 2013 the Company was in compliance with all covenants. | ||||
The estimated principal payments of the term loan are as follows (in thousands): | ||||
Year ending December 31: | ||||
2014 (remainder of year) | $ | 809 | ||
2015 | 1,666 | |||
2016 | 1,731 | |||
$ | 4,206 | |||
Commitments_and_Contingencies
Commitments and Contingencies | 6 Months Ended | |||
Jun. 30, 2014 | ||||
Commitments and Contingencies Disclosure [Abstract] | ' | |||
Commitments and Contingencies | ' | |||
Commitments and Contingencies | ||||
Facility Lease | ||||
In April 2007, the Company entered into a six-year lease for office premises in Petaluma, California. This agreement has scheduled expiration dates of May 2015 and October 2018, providing the Company a total of 22,780 square feet. | ||||
In July 2013, the Company entered into a lease for additional space in Petaluma, California. The July 2013 lease has a ten year term, is estimated to commence in the fourth quarter of 2014 and provides for the lease by the Company of 20,005 square feet, going to 38,778 square feet in 2015. Base rent is initially set at $46,012 per month and increases to $91,904 per month when the additional space is occupied. Total base rent payable over the 10 year lease period is $11.5 million. The Company has an option to extend the term of the lease for an additional five year period. | ||||
An executive officer, who is also a member of the Company’s Board of Directors, owns approximately 40% of the limited liability company from which the Company is leasing the office premises. As of June 30, 2014 and December 31, 2013 no amounts were included in accounts payable or accrued expenses under these agreements. | ||||
As of June 30, 2014 and December 31, 2013 total deferred rent was $0.5 million and $0.6 million. For the three months ended June 30, 2014 and 2013 rent expense was $0.3 million and $0.2 million. For the six months ended June 30, 2014 and 2013 rent expense was $0.5 million and $0.4 million. | ||||
Future minimum annual obligations under non-cancellable lease agreements as of June 30, 2014 are approximately as follows (in thousands): | ||||
Year ending December 31: | ||||
2014 (remainder of year) | $ | 646 | ||
2015 | 1,268 | |||
2016 | 1,170 | |||
2017 | 1,367 | |||
2018 | 1,368 | |||
Thereafter | 7,502 | |||
Total | $ | 13,321 | ||
Guarantees | ||||
The Company from time to time enters into certain types of contracts that contingently require it to indemnify various parties against claims from third parties. These contracts primarily relate to (i) certain real estate leases, under which the Company may be required to indemnify property owners for environmental and other liabilities, and other claims arising from the Company’s use of the applicable premises; (ii) certain agreements with the Company’s officers, directors, and employees, under which the Company may be required to indemnify such persons for liabilities arising out of their relationship with the Company; (iii) contracts under which the Company may be required to indemnify customers against third-party claims that a Company product infringes a patent, copyright, or other intellectual property right; and (iv) procurement or license agreements, under which the Company may be required to indemnify licensors or vendors for certain claims that may be brought against them arising from the Company’s acts or omissions with respect to the supplied products or technology. | ||||
Generally, a maximum obligation under these contracts is not explicitly stated. Because the obligated amounts associated with these types of agreements are not explicitly stated, the overall maximum amount of the obligation cannot be reasonably estimated. Historically, the Company has not been required to make payments under these obligations, and no liabilities have been recorded for these obligations in the Company’s consolidated balance sheet. | ||||
Contract Manufacturer | ||||
As of June 30, 2014 and December 31, 2013 the Company has commitments to its contract manufacturer of $4.9 million and $7.9 million. These commitments include raw materials, work in progress and scheduled future orders. Should the Company be required to make payments under this guarantee, the Company has the right to obtain and liquidate the related inventory to recover amounts paid under the guarantee. | ||||
Legal Proceedings | ||||
On April 1, 2014 a purported stockholder class action lawsuit was filed in the Superior Court of California, County of San Francisco, against the Company, the members of the Company's Board of Directors, the Company's former Chief Financial Officer and the underwriters of the Company's IPO. On April 30, 2014 a substantially similar lawsuit was filed in the same court against the same defendants. The two cases have been consolidated. The consolidated complaint alleges violations of federal securities laws on behalf of a purported class consisting of purchasers of the Company's common stock pursuant or traceable to the registration statement and prospectus for the Company's IPO, and seek unspecified compensatory damages and other relief. The Company intends to defend the litigation vigorously. Based on information currently available, the Company has determined that the amount of any possible loss or range of possible loss is not reasonably estimable. | ||||
From time to time, the Company may be involved in various legal proceedings arising from the normal course of its business activities. |
Stockholders_Equity_and_Stockb
Stockholders' Equity and Stock-based Compensation | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||||||
Stockholders' Equity and Stock-based Compensation | ' | ||||||||||||||||
Stockholders' Equity and Stock-based Compensation | |||||||||||||||||
Convertible Preferred Stock Warrants | |||||||||||||||||
Upon the closing of the IPO, the preferred stock warrant liability was reclassified from current liabilities to stockholders’ equity and the Company will no longer record any mark-to-market changes in the fair value of the remaining outstanding common stock warrants. The Company performed the final re-measurement of the warrant in connection with the completion of the IPO in May 2013. | |||||||||||||||||
The fair value of the outstanding preferred stock warrants was determined using the Black-Scholes option-pricing model. The fair value of the preferred stock warrant was estimated using the following assumptions for the periods presented below: | |||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Remaining contractual term (years) | — | 0.48 - 3.16 | — | 0.48 - 3.24 | |||||||||||||
Volatility | — | 55 | % | — | 55 | % | |||||||||||
Risk-free interest rate | — | 0.22 - 0.68% | — | 0.22 - 0.68% | |||||||||||||
Dividend yield | — | — | — | — | |||||||||||||
The change in the fair value of the convertible preferred stock warrant liability during the periods presented was summarized below (in thousands): | |||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Opening balance | $ | — | $ | 8,252 | $ | — | $ | 6,254 | |||||||||
Increase in Fair Value | — | 604 | — | 2,602 | |||||||||||||
Reclassification of warrant to additional paid-in capital | — | $ | (8,856 | ) | — | $ | (8,856 | ) | |||||||||
Closing balance | $ | — | $ | — | $ | — | $ | — | |||||||||
Stock-based Compensation | |||||||||||||||||
The following table summarizes the allocation of stock-based compensation in the accompanying consolidated statements of operations (in thousands): | |||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Cost of revenue | $ | 113 | $ | 31 | $ | 173 | $ | 60 | |||||||||
Research and development | 1,021 | 511 | 1,936 | 911 | |||||||||||||
Sales and marketing | 957 | 560 | 1,755 | 873 | |||||||||||||
General and administrative | 676 | 738 | 1,418 | 1,058 | |||||||||||||
Total stock-based compensation | $ | 2,767 | $ | 1,840 | $ | 5,282 | $ | 2,902 | |||||||||
Equity Plans | |||||||||||||||||
In January 2014 an additional 2,094,194 shares of common stock were reserved for future issuance under the 2013 Equity Incentive Plan in accordance with the annual increase provision of the plan. | |||||||||||||||||
Stock Options | |||||||||||||||||
A summary of the activity and changes during the six months ended June 30, 2014 and a summary of information related to options exercisable and vested and expected to vest are presented below: | |||||||||||||||||
Number of | Weighted | Weighted | Aggregate | ||||||||||||||
Shares | Average | Average | Intrinsic | ||||||||||||||
Exercise | Remaining | Value (in | |||||||||||||||
Price | Contractual | thousands) | |||||||||||||||
Life (Years) | |||||||||||||||||
Balance at December 31, 2013 | 12,957,942 | $ | 4.33 | 7.78 | 27,629 | ||||||||||||
Options granted | 889,105 | $ | 4.03 | ||||||||||||||
Options exercised | (279,030 | ) | $ | 1.37 | |||||||||||||
Options forfeited | (867,747 | ) | $ | 7.95 | |||||||||||||
Balance at June 30, 2014 | 12,700,270 | $ | 4.12 | 7.57 | 14,783 | ||||||||||||
Options vested and expected to vest - June 30, 2014 | 11,604,770 | $ | 4 | 7.48 | 14,175 | ||||||||||||
Options exercisable - June 30, 2014 | 6,627,651 | $ | 2.93 | 6.69 | 11,415 | ||||||||||||
The Company determined the fair value of each option grant on the date of grant using the Black-Scholes option-pricing model using the following factors: | |||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Expected term (years) | 6.08 | 6.08 | 6.08 | 6.08 | |||||||||||||
Volatility | 43 | % | 54 | % | 43 - 44% | 54 - 55% | |||||||||||
Risk-free interest rate | 1.55 - 1.72% | 0.7 - 1.42% | 1.49 - 1.73% | 0.7 - 1.42% | |||||||||||||
Dividend yield | — | — | — | — | |||||||||||||
Restricted Stock Units | |||||||||||||||||
In the six months ended June 30, 2014 the Compensation Committee of the Board of Directors awarded RSUs to employees. The stock-based compensation expense related to RSUs is recognized on a ratable basis over the requisite service period of the grant. The fair value of RSUs is determined using the fair value of the Company’s common stock on the date of grant. | |||||||||||||||||
In the six months ended June 30, 2014 the Compensation Committee of the Board of Directors awarded PBRSUs to members of the executive team. These are subject to performance based requirements as well as additional time based vesting requirements. They will become eligible to vest 50% once the performance objectives are satisfied and then the remaining 50% will vest only if the additional time-based vesting requirements are satisfied. The fair value of PBRSUs is determined using the fair value of the Company’s common stock on the date of grant. | |||||||||||||||||
The following table shows a summary of RSU activity, which includes PBRSUs, for the six months ended June 30, 2014 (unaudited): | |||||||||||||||||
Shares | Weighted-Average Grant Date Fair Value | ||||||||||||||||
Unvested as of December 31, 2013 | 42,500 | $ | 11 | ||||||||||||||
Granted | 3,034,704 | $ | 4.06 | ||||||||||||||
Vested | (288,081 | ) | $ | 5.03 | |||||||||||||
Forfeited | (65,874 | ) | $ | 3.95 | |||||||||||||
Unvested as of June 30, 2014 | 2,723,249 | ||||||||||||||||
Income_Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2014 | |
Income Tax Disclosure [Abstract] | ' |
Income Taxes | ' |
Income Taxes | |
The Company’s provision for income taxes is based on the estimated annual effective tax rate, adjusted for discrete tax items recorded in the period. The effective tax rate for the six months ended June 30, 2014 and 2013 was less than one percent primarily as a result of the estimated tax losses for those fiscal periods for which no benefit is recorded due to the full valuation allowance recorded against the Company’s net deferred tax assets. The Company’s tax expense relates to state minimum taxes and foreign income taxes associated with the Company’s non-US operations. | |
As of June 30, 2014, based on the available objective evidence, management believes it is not more likely than not that the tax benefits of the US losses incurred during the six months ended June 30, 2014 will be realized. Accordingly, the Company did not record a tax benefit from the US losses incurred during the six months ended June 30, 2014. | |
The primary difference between the effective tax rate and the federal statutory tax rate relates to the valuation allowance on the Company’s net deferred tax assets, foreign tax rate differences and permanent differences for non-deductible stock-based compensation expense. |
Concentration
Concentration | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Risks and Uncertainties [Abstract] | ' | ||||||||||||||||
Concentration | ' | ||||||||||||||||
Concentration | |||||||||||||||||
Customers with a receivables balance of 10% or greater of the total receivables, which includes accounts receivable and lease receivables, and customers with revenue of 10% or greater of the total revenue are as follows: | |||||||||||||||||
Percentage of Revenue | Percentage of Receivables | ||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | June 30, | December 31, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||
Customer A | 28 | % | 37 | % | 18 | % | 42 | % | 42 | % | * | ||||||
Customer B | * | * | 11 | % | * | * | * | ||||||||||
Customer C | * | * | 10 | % | * | * | * | ||||||||||
Customer D | * | 12 | % | * | * | * | * | ||||||||||
Customer E | * | 11 | % | * | 11 | % | * | * | |||||||||
Customer F | * | * | * | * | 10 | % | * | ||||||||||
*Represents less than 10% |
Segment_Information
Segment Information | 6 Months Ended |
Jun. 30, 2014 | |
Segment Reporting [Abstract] | ' |
Segment Information | ' |
Segment Information | |
The Company considers operating segments to be components of the Company in which separate financial information is available and is evaluated regularly by the Company’s chief operating decision maker in deciding how to allocate resources and in assessing performance. The chief operating decision maker for the Company is the Chief Executive Officer. | |
The Company’s material operating segments, which are geographic based, qualify for aggregation due to their customer base and similarities in economic characteristics, nature of products and services, and processes for procurement, manufacturing and distribution. Consequently, the Company has one reportable business segment. |
Related_Parties
Related Parties | 6 Months Ended |
Jun. 30, 2014 | |
Related Party Transactions [Abstract] | ' |
Related Parties | ' |
Related Parties | |
In addition to the related party transaction identified above in note six, a venture capital firm that is a greater than 10% stockholder of the Company is an affiliate of the financial institution that manages the Company's portfolio of marketable securities. The managing partner of this particular venture capital firm is also a member of the Company's Board of Directors. |
Organization_and_Significant_A1
Organization and Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2014 | |
Accounting Policies [Abstract] | ' |
Description of the Business | ' |
Description of the Business — Cyan, Inc. (Cyan or the Company) was incorporated on October 25, 2006, in the state of Delaware and its principal executive offices are located in Petaluma, California. The Company has pioneered innovative, carrier-grade networking solutions that transform disparate and inefficient legacy networks into open, high-performance networks. The Company’s solutions include high-capacity, multi-layer switching and transport platforms as well as a carrier-grade software-defined networking platform and applications. The Company’s solutions enable its customers to virtualize their networks, accelerate service delivery and increase scalability and performance while reducing costs. The Company designed its solutions to provide a variety of existing and emerging premium applications including business Ethernet, wireless backhaul, broadband backhaul and cloud connectivity. The Company’s customers range from service providers to high-performance data center and large, private network operators. | |
Unaudited Interim Condensed Consolidated Financial Statements | ' |
Unaudited Interim Condensed Consolidated Financial Statements — The Company has prepared the accompanying unaudited interim condensed consolidated financial statements in accordance with accounting principles generally accepted in the United States (GAAP), and with Securities and Exchange Commission (SEC) rules and regulations, which allow for certain information and footnote disclosures that are normally included in annual financial statements prepared in accordance with GAAP to be condensed or omitted. In the Company's opinion, these unaudited interim condensed consolidated financial statements have been prepared on the same basis as the audited consolidated financial statements for the fiscal year ended December 31, 2013 and include all adjustments necessary for fair presentation. The Condensed Consolidated Balance Sheet at December 31, 2013 has been derived from the audited financial statements at that date. | |
The accompanying unaudited interim condensed consolidated financial statements should be read in conjunction with the Company's consolidated financial statements for the fiscal year ended December 31, 2013 which are included in the Company's Annual Report on Form 10-K filed with the SEC. | |
Certain items in the prior period’s consolidated financial statements have been reclassified to conform to the current period’s presentation. These reclassifications did not impact any prior amounts of reported total assets, total liabilities, stockholders’ equity or results of operations. | |
Events in 2014 required the Company to make additions to the accounting policies for stock-based compensation and liquidity, as more fully set forth below. There have been no other changes in the significant accounting policies as described in the audited consolidated financial statements for 2013 included in the Annual Report. | |
The results for the three and six months ended June 30, 2014 are not necessarily indicative of the results to be expected for any subsequent quarterly or annual financial period, including the fiscal year ending December 31, 2014. | |
Principles of Consolidation | ' |
Principles of Consolidation — The Company's consolidated financial statements include its accounts and the accounts of its wholly-owned subsidiaries. Intercompany transactions and balances have been eliminated. | |
Fiscal Periods | ' |
Fiscal Periods — The Company operates on fiscal periods ending on the last day of the respective calendar quarter. | |
Use of Estimates | ' |
Use of Estimates — The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses for the reporting period. For the Company, these estimates include, but are not limited to, allowances for doubtful accounts, inventory valuation including write-downs for excess and obsolete inventory, allowances for obligations to its contract manufacturer, useful lives assigned to long-lived assets, the reserve for sales returns, the fair value of stock awards and the probability that specified goals underlying performance based awards will be achieved, product warranty costs, contingencies and the accounting for income taxes, including the timing of the establishment or release of its valuation allowance related to the Company's deferred tax asset balances and reserves for uncertain tax positions. Prior to the Company's initial public offering (IPO), the Company also estimated the fair value of common and redeemable convertible preferred stock and related warrants. Actual results could differ from those estimates, and such differences could be material to the Company’s consolidated financial position and results of operations. | |
Stock-based Compensation | ' |
Stock-based Compensation — The Company granted restricted stock units (RSUs) to its employees and performance based restricted stock units (PBRSUs) to members of the executive team in the six months ended June 30, 2014. The stock-based compensation expense related to RSUs is recognized on a ratable basis over the requisite service period of the grant. The stock-based compensation expense related to PBRSUs is recognized based on the attainment of specified goals over the performance period. The fair value of RSUs and PBRSUs is determined using the fair value of the Company’s common stock on the date of grant. | |
Liquidity | ' |
Liquidity — The accompanying financial statements for the three and six months ended June 30, 2014 have been prepared on a going concern basis, which contemplates the realization of assets and the settlement of liabilities and commitments in the normal course of business for the foreseeable future. Since inception, the Company has incurred net losses in each quarterly and annual period. In the three and six months ended June 30, 2014 the Company incurred net losses of $14.7 million and $32.5 million. As of June 30, 2014, the Company had an accumulated deficit of $159.8 million. | |
The Company requires a significant amount of cash resources to operate its business. The Company used approximately $25.4 million of cash, cash equivalents and marketable securities in the six months ended June 30, 2014, including $22.1 million used in operating activities. The Company ended the quarter with cash, cash equivalents and marketable securities of $38.8 million. The Company's liquidity is affected by many factors including, among others, fluctuations in revenue, gross profits and operating expenses, as well as changes in operating assets and liabilities. At current levels of revenue, expenses and capital expenditures, the Company believes that its existing cash, cash equivalents and marketable securities, together with its cash collections will be sufficient to meet its projected operating and capital expenditure requirements through the first quarter of 2015. However, further softening in the demand for the Company's products and services may result in higher than anticipated losses in the future and lower its cash balances at a faster rate. The Company is exploring options to raise additional funds through public or private equity or debt financing to extend that period. Should additional funding not be available, or should funding only be available on unfavorable terms, the Company may make changes to its operating model and capital expenditures to extend that period or it may have to significantly reduce its business activities which could adversely affect its ability to compete effectively in the markets in which it participates which could, in turn, adversely affect its results of operations. If the Company issues equity securities in order to raise additional funds, substantial dilution to existing stockholders may occur. If the Company raises cash through additional indebtedness, it may be subject to additional contractual restrictions on its business. | |
The accompanying financial statements do not include any adjustments relating to the recoverability of the carrying amounts of recorded assets or the amount of liabilities that might result from the outcome of uncertainties. | |
New Accounting Pronouncements | ' |
New Accounting Pronouncements — In May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers (Topic 606) (ASU 2014-09), which provides guidance for revenue recognition. ASU 2014-09 supersedes the revenue recognition requirements in Topic 605, Revenue Recognition, and most industry-specific guidance. Additionally, it supersedes some cost guidance included in Subtopic 605-35, Revenue Recognition-Construction-Type and Production-Type Contracts, and creates new Subtopic 340-40, Other Assets and Deferred Costs-Contracts with Customers. The standard’s core principle is that a company will recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. In doing so, companies will need to use more judgment and make more estimates than under the previous guidance. These may include identifying performance obligations in the contract, estimating the amount of variable consideration to include in the transaction price and allocating the transaction price to each separate performance obligation. The standard will be effective for the Company in the first quarter of fiscal 2017. Early adoption is not permitted. The Company is currently assessing the potential impact on its financial statements from adopting this new guidance. |
Net_Loss_Per_Share_Tables
Net Loss Per Share (Tables) | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||||
Calculation of Basic and Diluted Net Loss Per Share | ' | |||||||||||||||
The following table presents the calculation of basic and diluted net loss per share (in thousands, except per share data): | ||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Net loss | $ | (14,672 | ) | $ | (9,088 | ) | $ | (32,472 | ) | $ | (18,438 | ) | ||||
Weighted-average shares used to compute basic and diluted net loss per share | 46,882 | 27,425 | 46,760 | 15,077 | ||||||||||||
Basic and diluted net loss per share | $ | (0.31 | ) | $ | (0.33 | ) | $ | (0.69 | ) | $ | (1.22 | ) | ||||
Securities Excluded from Calculation of Diluted Net Loss Per Share | ' | |||||||||||||||
The following securities were excluded from the calculation of diluted net loss per share attributable to common stockholders because their effect would have been anti-dilutive for the periods presented (in thousands): | ||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Employee stock options | 12,700 | 12,436 | 12,700 | 12,436 | ||||||||||||
Unvested restricted stock units | 2,723 | — | 2,723 | — | ||||||||||||
Convertible preferred stock warrants | — | 115 | — | 115 | ||||||||||||
15,423 | 12,551 | 15,423 | 12,551 | |||||||||||||
Fair_Value_Disclosure_Tables
Fair Value Disclosure (Tables) | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Fair Value Measurement on Company's Assets and Liabilities | ' | ||||||||||||||||
The following tables set forth by level within the fair value hierarchy the Company’s assets and liabilities at fair value as of June 30, 2014 (in thousands): | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
Assets: | |||||||||||||||||
Cash equivalents: | |||||||||||||||||
Money market funds | $ | 1,091 | $ | — | $ | — | $ | 1,091 | |||||||||
Marketable securities: | |||||||||||||||||
Commercial paper | $ | — | $ | 9,597 | $ | — | $ | 9,597 | |||||||||
Corporate bonds | — | 5,860 | — | 5,860 | |||||||||||||
Municipal bonds | — | 1,027 | — | 1,027 | |||||||||||||
U.S. government-sponsored agency securities | — | 3,032 | — | 3,032 | |||||||||||||
U.S. treasury securities | 6,037 | — | — | 6,037 | |||||||||||||
Total marketable securities | $ | 6,037 | $ | 19,516 | $ | — | $ | 25,553 | |||||||||
The following tables set forth by level within the fair value hierarchy the Company’s assets and liabilities at fair value as of December 31, 2013 (in thousands): | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
Assets: | |||||||||||||||||
Cash equivalents: | |||||||||||||||||
Money market funds | $ | 13,452 | $ | — | $ | — | $ | 13,452 | |||||||||
Marketable securities: | |||||||||||||||||
Commercial paper | $ | — | $ | 19,687 | $ | — | $ | 19,687 | |||||||||
Corporate bonds | — | 4,857 | — | 4,857 | |||||||||||||
Municipal bonds | — | 1,026 | — | 1,026 | |||||||||||||
U.S. government-sponsored agency securities | — | 2,031 | — | 2,031 | |||||||||||||
U.S. treasury securities | 4,038 | — | — | 4,038 | |||||||||||||
Total marketable securities | $ | 4,038 | $ | 27,601 | $ | — | $ | 31,639 | |||||||||
Fair Value, Assets Measured on Recurring Basis | ' | ||||||||||||||||
The following table shows the Company’s available-for-sale securities amortized cost, gross unrealized gains, gross unrealized losses and fair value as of June 30, 2014 (in thousands): | |||||||||||||||||
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | ||||||||||||||
Marketable securities: | |||||||||||||||||
Commercial paper | $ | 9,595 | $ | 2 | $ | — | $ | 9,597 | |||||||||
Corporate bonds | 5,854 | 6 | — | 5,860 | |||||||||||||
Municipal bonds | 1,027 | — | — | 1,027 | |||||||||||||
U.S. government-sponsored agency securities | 3,026 | 6 | — | 3,032 | |||||||||||||
U.S. treasury securities | 6,023 | 14 | — | 6,037 | |||||||||||||
Total marketable securities | $ | 25,525 | $ | 28 | $ | — | $ | 25,553 | |||||||||
Balance_Sheet_Components_Table
Balance Sheet Components (Tables) | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | |||||||||||||||
Schedule of Cash and Cash Equivalents | ' | |||||||||||||||
Cash and cash equivalents consisted of the following (in thousands): | ||||||||||||||||
30-Jun-14 | December 31, 2013 | |||||||||||||||
Cash | $ | 12,120 | $ | 19,057 | ||||||||||||
Money market funds | 1,091 | 13,452 | ||||||||||||||
Total cash and cash equivalents | $ | 13,211 | $ | 32,509 | ||||||||||||
Schedule of Future Minimum Lease Payments for Capital Leases | ' | |||||||||||||||
A summary of the Company’s lease receivables is presented as follows (in thousands): | ||||||||||||||||
30-Jun-14 | December 31, 2013 | |||||||||||||||
Net minimum lease payments to be received | $ | — | $ | 639 | ||||||||||||
Less unearned interest income portion | — | 35 | ||||||||||||||
Total lease receivable | — | 604 | ||||||||||||||
Less short-term lease receivable | — | 201 | ||||||||||||||
Long-term lease receivable | $ | — | $ | 403 | ||||||||||||
Schedule of Inventories | ' | |||||||||||||||
Inventories consisted primarily of finished goods purchased from the contract manufacturer and are stated at the lower of cost or market value (on a first-in, first-out basis). Inventory consisted of the following (in thousands): | ||||||||||||||||
30-Jun-14 | December 31, 2013 | |||||||||||||||
Raw materials | $ | 297 | $ | 748 | ||||||||||||
Finished goods | 12,760 | 19,998 | ||||||||||||||
Total Inventory | $ | 13,057 | $ | 20,746 | ||||||||||||
Schedule of Property and Equipment, Net | ' | |||||||||||||||
Property and equipment, net consisted of the following (in thousands): | ||||||||||||||||
30-Jun-14 | December 31, 2013 | |||||||||||||||
Lab equipment and tooling | $ | 15,933 | $ | 14,743 | ||||||||||||
Software | 628 | 667 | ||||||||||||||
Leasehold improvements | 1,569 | 1,595 | ||||||||||||||
Furniture and fixtures | 942 | 974 | ||||||||||||||
Computer equipment | 698 | 979 | ||||||||||||||
19,770 | 18,958 | |||||||||||||||
Less accumulated depreciation and amortization | (8,471 | ) | (7,803 | ) | ||||||||||||
Property and equipment, net | $ | 11,299 | $ | 11,155 | ||||||||||||
Schedule of Accrued Liabilities | ' | |||||||||||||||
Accrued liabilities consisted of the following (in thousands): | ||||||||||||||||
30-Jun-14 | December 31, 2013 | |||||||||||||||
Inventory-in-transit | $ | 779 | $ | 344 | ||||||||||||
Warranty reserve (1) | 3,090 | 1,374 | ||||||||||||||
Sales returns reserve | 194 | 198 | ||||||||||||||
Professional fees | 576 | 862 | ||||||||||||||
Sales and use taxes | 275 | 497 | ||||||||||||||
Other | 692 | 511 | ||||||||||||||
Total accrued liabilities | $ | 5,606 | $ | 3,786 | ||||||||||||
(1) Activity related to warranties is as follows (in thousands): | ||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Beginning balance | $ | 1,677 | $ | 1,334 | $ | 1,374 | $ | 1,266 | ||||||||
Charge to cost of sales | 132 | 794 | 605 | 1,127 | ||||||||||||
Costs incurred | (286 | ) | (344 | ) | (456 | ) | (609 | ) | ||||||||
Incremental warranty recoverable from manufacturer (2) | 1,567 | — | 1,567 | — | ||||||||||||
Closing balance | $ | 3,090 | $ | 1,784 | $ | 3,090 | $ | 1,784 | ||||||||
(2) During the three months ended June 30 2014, the Company and a component manufacturer reached an agreement whereby the component manufacturer agreed to reimburse the Company for certain costs, up to an agreed maximum, associated with replacing defective products sold to customers. Of the warranty reserve balance at June 30, 2014, $1.6 million is subject to reimbursement once incurred. |
Debt_Tables
Debt (Tables) | 6 Months Ended | |||
Jun. 30, 2014 | ||||
Debt Disclosure [Abstract] | ' | |||
Estimated Principal Payments of Term Loan | ' | |||
The estimated principal payments of the term loan are as follows (in thousands): | ||||
Year ending December 31: | ||||
2014 (remainder of year) | $ | 809 | ||
2015 | 1,666 | |||
2016 | 1,731 | |||
$ | 4,206 | |||
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 6 Months Ended | |||
Jun. 30, 2014 | ||||
Commitments and Contingencies Disclosure [Abstract] | ' | |||
Future Minimum Annual Obligations under Non-Cancellable Lease Agreements | ' | |||
Future minimum annual obligations under non-cancellable lease agreements as of June 30, 2014 are approximately as follows (in thousands): | ||||
Year ending December 31: | ||||
2014 (remainder of year) | $ | 646 | ||
2015 | 1,268 | |||
2016 | 1,170 | |||
2017 | 1,367 | |||
2018 | 1,368 | |||
Thereafter | 7,502 | |||
Total | $ | 13,321 | ||
Stockholders_Equity_and_Stockb1
Stockholders' Equity and Stock-based Compensation (Tables) | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||||||
Black-Scholes-Merton Option-Pricing Model | ' | ||||||||||||||||
The Company determined the fair value of each option grant on the date of grant using the Black-Scholes option-pricing model using the following factors: | |||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Expected term (years) | 6.08 | 6.08 | 6.08 | 6.08 | |||||||||||||
Volatility | 43 | % | 54 | % | 43 - 44% | 54 - 55% | |||||||||||
Risk-free interest rate | 1.55 - 1.72% | 0.7 - 1.42% | 1.49 - 1.73% | 0.7 - 1.42% | |||||||||||||
Dividend yield | — | — | — | — | |||||||||||||
The fair value of the preferred stock warrant was estimated using the following assumptions for the periods presented below: | |||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Remaining contractual term (years) | — | 0.48 - 3.16 | — | 0.48 - 3.24 | |||||||||||||
Volatility | — | 55 | % | — | 55 | % | |||||||||||
Risk-free interest rate | — | 0.22 - 0.68% | — | 0.22 - 0.68% | |||||||||||||
Dividend yield | — | — | — | — | |||||||||||||
Change in the Fair Value of the Convertible Preferred Stock Warrant Liability | ' | ||||||||||||||||
The change in the fair value of the convertible preferred stock warrant liability during the periods presented was summarized below (in thousands): | |||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Opening balance | $ | — | $ | 8,252 | $ | — | $ | 6,254 | |||||||||
Increase in Fair Value | — | 604 | — | 2,602 | |||||||||||||
Reclassification of warrant to additional paid-in capital | — | $ | (8,856 | ) | — | $ | (8,856 | ) | |||||||||
Closing balance | $ | — | $ | — | $ | — | $ | — | |||||||||
Allocation of Stock-Based Compensation Expense to Statements of Operations | ' | ||||||||||||||||
The following table summarizes the allocation of stock-based compensation in the accompanying consolidated statements of operations (in thousands): | |||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Cost of revenue | $ | 113 | $ | 31 | $ | 173 | $ | 60 | |||||||||
Research and development | 1,021 | 511 | 1,936 | 911 | |||||||||||||
Sales and marketing | 957 | 560 | 1,755 | 873 | |||||||||||||
General and administrative | 676 | 738 | 1,418 | 1,058 | |||||||||||||
Total stock-based compensation | $ | 2,767 | $ | 1,840 | $ | 5,282 | $ | 2,902 | |||||||||
Summary of Stock Options Activity | ' | ||||||||||||||||
A summary of the activity and changes during the six months ended June 30, 2014 and a summary of information related to options exercisable and vested and expected to vest are presented below: | |||||||||||||||||
Number of | Weighted | Weighted | Aggregate | ||||||||||||||
Shares | Average | Average | Intrinsic | ||||||||||||||
Exercise | Remaining | Value (in | |||||||||||||||
Price | Contractual | thousands) | |||||||||||||||
Life (Years) | |||||||||||||||||
Balance at December 31, 2013 | 12,957,942 | $ | 4.33 | 7.78 | 27,629 | ||||||||||||
Options granted | 889,105 | $ | 4.03 | ||||||||||||||
Options exercised | (279,030 | ) | $ | 1.37 | |||||||||||||
Options forfeited | (867,747 | ) | $ | 7.95 | |||||||||||||
Balance at June 30, 2014 | 12,700,270 | $ | 4.12 | 7.57 | 14,783 | ||||||||||||
Options vested and expected to vest - June 30, 2014 | 11,604,770 | $ | 4 | 7.48 | 14,175 | ||||||||||||
Options exercisable - June 30, 2014 | 6,627,651 | $ | 2.93 | 6.69 | 11,415 | ||||||||||||
Nonvested Restricted Stock Shares Activity | ' | ||||||||||||||||
The following table shows a summary of RSU activity, which includes PBRSUs, for the six months ended June 30, 2014 (unaudited): | |||||||||||||||||
Shares | Weighted-Average Grant Date Fair Value | ||||||||||||||||
Unvested as of December 31, 2013 | 42,500 | $ | 11 | ||||||||||||||
Granted | 3,034,704 | $ | 4.06 | ||||||||||||||
Vested | (288,081 | ) | $ | 5.03 | |||||||||||||
Forfeited | (65,874 | ) | $ | 3.95 | |||||||||||||
Unvested as of June 30, 2014 | 2,723,249 | ||||||||||||||||
Concentration_Tables
Concentration (Tables) | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Risks and Uncertainties [Abstract] | ' | ||||||||||||||||
Customers With 10% or Greater of Total Accounts Receivable and Net Revenue | ' | ||||||||||||||||
Customers with a receivables balance of 10% or greater of the total receivables, which includes accounts receivable and lease receivables, and customers with revenue of 10% or greater of the total revenue are as follows: | |||||||||||||||||
Percentage of Revenue | Percentage of Receivables | ||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | June 30, | December 31, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||
Customer A | 28 | % | 37 | % | 18 | % | 42 | % | 42 | % | * | ||||||
Customer B | * | * | 11 | % | * | * | * | ||||||||||
Customer C | * | * | 10 | % | * | * | * | ||||||||||
Customer D | * | 12 | % | * | * | * | * | ||||||||||
Customer E | * | 11 | % | * | 11 | % | * | * | |||||||||
Customer F | * | * | * | * | 10 | % | * | ||||||||||
*Represents less than 10% |
Organization_and_Significant_A2
Organization and Significant Accounting Policies (Details) (USD $) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | |
Accounting Policies [Abstract] | ' | ' | ' | ' | ' |
Net loss | $14,672,000 | $9,088,000 | $32,472,000 | $18,438,000 | ' |
Accumulated deficit | 159,754,000 | ' | 159,754,000 | ' | 127,282,000 |
Cash, cash equivalents, and marketable securities used in period | ' | ' | 25,400,000 | ' | ' |
Net cash used in operating activities | ' | ' | 22,072,000 | 5,969,000 | ' |
Cash, cash equivalents, and marketable securities | $38,800,000 | ' | $38,800,000 | ' | ' |
Net_Loss_Per_Share_Calculation
Net Loss Per Share - Calculation of Basic and Diluted Net Loss Per Share (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Earnings Per Share [Abstract] | ' | ' | ' | ' |
Net loss | ($14,672) | ($9,088) | ($32,472) | ($18,438) |
Weighted-average shares used to compute basic and diluted net loss per share (shares) | 46,882 | 27,425 | 46,760 | 15,077 |
Basic and diluted net loss per share (usd per share) | ($0.31) | ($0.33) | ($0.69) | ($1.22) |
Net_Loss_Per_Share_Securities_
Net Loss Per Share - Securities were excluded from Calculation of Diluted Net Loss Per Share (Detail) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' |
Anti-dilutive securities were excluded from calculation of diluted net loss per share | 15,423 | 12,551 | 15,423 | 12,551 |
Employee stock options [Member] | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' |
Anti-dilutive securities were excluded from calculation of diluted net loss per share | 12,700 | 12,436 | 12,700 | 12,436 |
Unvested restricted stock units [Member] | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' |
Anti-dilutive securities were excluded from calculation of diluted net loss per share | 2,723 | 0 | 2,723 | 0 |
Convertible preferred stock warrants [Member] | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' |
Anti-dilutive securities were excluded from calculation of diluted net loss per share | 0 | 115 | 0 | 115 |
Fair_Value_Disclosure_Addition
Fair Value Disclosure - Additional Information (Details) (USD $) | Jun. 30, 2014 |
In Millions, unless otherwise specified | |
Fair Value Disclosures [Abstract] | ' |
Marketable securities maturing within one year | $18.70 |
Marketable securities maturing within two years | $6.90 |
Fair_Value_Disclosure_Fair_Val
Fair Value Disclosure - Fair Value Measurement on Company's Assets and Liabilities (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Marketable securities | $25,553 | ' |
Commercial paper | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Marketable securities | 9,597 | ' |
Corporate bonds | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Marketable securities | 5,860 | ' |
Municipal bonds | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Marketable securities | 1,027 | ' |
U.S. government-sponsored agency securities | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Marketable securities | 3,032 | ' |
U.S. treasury securities | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Marketable securities | 6,037 | ' |
Recurring [Member] | Level 1 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Marketable securities | 6,037 | 4,038 |
Recurring [Member] | Level 1 [Member] | Commercial paper | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Marketable securities | 0 | 0 |
Recurring [Member] | Level 1 [Member] | Corporate bonds | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Marketable securities | 0 | 0 |
Recurring [Member] | Level 1 [Member] | Municipal bonds | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Marketable securities | 0 | 0 |
Recurring [Member] | Level 1 [Member] | U.S. government-sponsored agency securities | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Marketable securities | 0 | 0 |
Recurring [Member] | Level 1 [Member] | U.S. treasury securities | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Marketable securities | 6,037 | 4,038 |
Recurring [Member] | Level 1 [Member] | Money market funds | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Cash equivalents | 1,091 | 13,452 |
Recurring [Member] | Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Marketable securities | 19,516 | 27,601 |
Recurring [Member] | Level 2 [Member] | Commercial paper | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Marketable securities | 9,597 | 19,687 |
Recurring [Member] | Level 2 [Member] | Corporate bonds | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Marketable securities | 5,860 | 4,857 |
Recurring [Member] | Level 2 [Member] | Municipal bonds | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Marketable securities | 1,027 | 1,026 |
Recurring [Member] | Level 2 [Member] | U.S. government-sponsored agency securities | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Marketable securities | 3,032 | 2,031 |
Recurring [Member] | Level 2 [Member] | U.S. treasury securities | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Marketable securities | 0 | 0 |
Recurring [Member] | Level 2 [Member] | Money market funds | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Cash equivalents | 0 | 0 |
Recurring [Member] | Level 3 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Marketable securities | 0 | 0 |
Recurring [Member] | Level 3 [Member] | Commercial paper | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Marketable securities | 0 | 0 |
Recurring [Member] | Level 3 [Member] | Corporate bonds | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Marketable securities | 0 | 0 |
Recurring [Member] | Level 3 [Member] | Municipal bonds | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Marketable securities | 0 | 0 |
Recurring [Member] | Level 3 [Member] | U.S. government-sponsored agency securities | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Marketable securities | 0 | 0 |
Recurring [Member] | Level 3 [Member] | U.S. treasury securities | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Marketable securities | 0 | 0 |
Recurring [Member] | Level 3 [Member] | Money market funds | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Cash equivalents | 0 | 0 |
Recurring [Member] | Total [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Marketable securities | 25,553 | 31,639 |
Recurring [Member] | Total [Member] | Commercial paper | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Marketable securities | 9,597 | 19,687 |
Recurring [Member] | Total [Member] | Corporate bonds | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Marketable securities | 5,860 | 4,857 |
Recurring [Member] | Total [Member] | Municipal bonds | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Marketable securities | 1,027 | 1,026 |
Recurring [Member] | Total [Member] | U.S. government-sponsored agency securities | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Marketable securities | 3,032 | 2,031 |
Recurring [Member] | Total [Member] | U.S. treasury securities | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Marketable securities | 6,037 | 4,038 |
Recurring [Member] | Total [Member] | Money market funds | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Cash equivalents | $1,091 | $13,452 |
Fair_Value_Disclosure_Amortize
Fair Value Disclosure - Amortized Cost Reconciliation (Details) (USD $) | Jun. 30, 2014 |
In Thousands, unless otherwise specified | |
Schedule of Available-for-sale Securities [Line Items] | ' |
Amortized Cost | $25,525 |
Gross Unrealized Gains | 28 |
Gross Unrealized Losses | 0 |
Fair Value | 25,553 |
Commercial paper | ' |
Schedule of Available-for-sale Securities [Line Items] | ' |
Amortized Cost | 9,595 |
Gross Unrealized Gains | 2 |
Gross Unrealized Losses | 0 |
Fair Value | 9,597 |
Corporate bonds | ' |
Schedule of Available-for-sale Securities [Line Items] | ' |
Amortized Cost | 5,854 |
Gross Unrealized Gains | 6 |
Gross Unrealized Losses | 0 |
Fair Value | 5,860 |
Municipal bonds | ' |
Schedule of Available-for-sale Securities [Line Items] | ' |
Amortized Cost | 1,027 |
Gross Unrealized Gains | 0 |
Gross Unrealized Losses | 0 |
Fair Value | 1,027 |
U.S. government-sponsored agency securities | ' |
Schedule of Available-for-sale Securities [Line Items] | ' |
Amortized Cost | 3,026 |
Gross Unrealized Gains | 6 |
Gross Unrealized Losses | 0 |
Fair Value | 3,032 |
U.S. treasury securities | ' |
Schedule of Available-for-sale Securities [Line Items] | ' |
Amortized Cost | 6,023 |
Gross Unrealized Gains | 14 |
Gross Unrealized Losses | 0 |
Fair Value | $6,037 |
Balance_Sheet_Components_Addit
Balance Sheet Components - Additional Information (Detail) (USD $) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2014 | Mar. 31, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | ' | ' | ' | ' |
Lease Receivables, Sold | ' | $600,000 | ' | ' | ' |
Depreciation and amortization expense | $900,000 | ' | $700,000 | $1,793,000 | $1,226,000 |
Balance_Sheet_Components_Sched
Balance Sheet Components - Schedule of Cash and Cash Equivalents (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | ' | ' | ' |
Cash | $12,120 | $19,057 | ' | ' |
Money market funds | 1,091 | 13,452 | ' | ' |
Total cash and cash equivalents | $13,211 | $32,509 | $92,921 | $20,221 |
Balance_Sheet_Components_Capit
Balance Sheet Components - Capital lease receivables (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | ' |
Net minimum lease payments to be received | $0 | $639 |
Less unearned interest income portion | 0 | 35 |
Total lease receivable | 0 | 604 |
Less short-term lease receivable | 0 | 201 |
Long-term lease receivable | $0 | $403 |
Balance_Sheet_Components_Sched1
Balance Sheet Components - Schedule of Inventories (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | ' |
Raw materials | $297 | $748 |
Finished goods | 12,760 | 19,998 |
Total Inventory | $13,057 | $20,746 |
Balance_Sheet_Components_Sched2
Balance Sheet Components - Schedule of Property and Equipment, Net (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment, gross | $19,770 | $18,958 |
Less accumulated depreciation and amortization | -8,471 | -7,803 |
Property and equipment, net | 11,299 | 11,155 |
Lab equipment and tooling | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment, gross | 15,933 | 14,743 |
Software | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment, gross | 628 | 667 |
Leasehold improvements | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment, gross | 1,569 | 1,595 |
Furniture and fixtures | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment, gross | 942 | 974 |
Computer equipment | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment, gross | $698 | $979 |
Balance_Sheet_Components_Sched3
Balance Sheet Components - Schedule of Accrued Liabilities (Detail) (USD $) | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | ' | ' | ' | ' | ' |
Inventory-in-transit | $779 | ' | $344 | ' | ' | ' |
Warranty reserve | 3,090 | 1,677 | 1,374 | 1,784 | 1,334 | 1,266 |
Sales returns reserve | 194 | ' | 198 | ' | ' | ' |
Professional fees | 576 | ' | 862 | ' | ' | ' |
Sales and use taxes | 275 | ' | 497 | ' | ' | ' |
Other | 692 | ' | 511 | ' | ' | ' |
Total accrued liabilities | $5,606 | ' | $3,786 | ' | ' | ' |
Balance_Sheet_Components_Sched4
Balance Sheet Components - Schedule of Activity Related to Warranties (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | ' | ' | ' |
Beginning balance | $1,677 | $1,334 | $1,374 | $1,266 |
Charge to cost of sales | 132 | 794 | 605 | 1,127 |
Costs incurred | -286 | -344 | -456 | -609 |
Incremental warranty recoverable from manufacturer | 1,567 | 0 | 1,567 | 0 |
Closing balance | $3,090 | $1,784 | $3,090 | $1,784 |
Debt_Additional_Information_De
Debt - Additional Information (Detail) (Loan and Security Agreement [Member], Silicon Valley Bank [Member], USD $) | 6 Months Ended | ||
Jun. 30, 2014 | Dec. 31, 2013 | Dec. 21, 2012 | |
Debt Instrument [Line Items] | ' | ' | ' |
Loan facility, maximum borrowing capacity | ' | ' | $15,000,000 |
Loan facility description | 'For the first 12 months following each term loan advance, each term loan advance bears interest at a floating rate equal to the prime rate, plus 0.50%. Thereafter, each term loan advance bears interest at a fixed rate equal to the prime rate on the date following such 12 month period, plus 0.50%. | ' | ' |
Termination date of Loan facility | 21-Dec-14 | ' | ' |
Loan payable in number of installments | 36 | ' | ' |
Expected interest rate increase | 5.00% | ' | ' |
Revolving loans [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Loan facility, maximum borrowing capacity | ' | ' | 10,000,000 |
Loan facility, amount outstanding | 0 | 0 | ' |
Numeric percent in valuation of floating rate | 3.25% | ' | ' |
Loan facility, commitment fee amount | 0 | ' | ' |
Term loan [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Loan facility, maximum borrowing capacity | ' | ' | 5,000,000 |
Loan facility, amount outstanding | $4,200,000 | $5,000,000 | ' |
Additional percent with prime rate in valuation of floating rate | 0.50% | ' | ' |
Bears interest at fixed rate | 0.50% | ' | ' |
Debt_Estimated_Principal_Payme
Debt - Estimated Principal Payments of Term Loan (Detail) (USD $) | Jun. 30, 2014 |
In Thousands, unless otherwise specified | |
Debt Disclosure [Abstract] | ' |
2014 (remainder of year) | $809 |
2015 | 1,666 |
2016 | 1,731 |
Total | $4,206 |
Commitments_and_Contingencies_1
Commitments and Contingencies - Additional Information (Detail) (USD $) | 1 Months Ended | 3 Months Ended | 6 Months Ended | ||||
Jul. 31, 2013 | Apr. 30, 2007 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | |
sqft | |||||||
Property Subject to or Available for Operating Lease [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Office premises for lease | ' | 22,780 | ' | ' | ' | ' | ' |
Term of lease | '10 years | '6 years | ' | ' | ' | ' | ' |
Total base rent payable | $11,500,000 | ' | ' | ' | ' | ' | ' |
Renewal term | '5 years | ' | ' | ' | ' | ' | ' |
Percentage of interest in limited liability company from which the Company is leasing building | ' | ' | ' | ' | 40.00% | ' | ' |
Total deferred rent | ' | ' | 500,000 | ' | 500,000 | ' | 600,000 |
Rent expense | ' | ' | 300,000 | 200,000 | 500,000 | 400,000 | ' |
Commitments to contract manufacturer | ' | ' | 4,900,000 | ' | 4,900,000 | ' | 7,900,000 |
Term 1 [Member] | ' | ' | ' | ' | ' | ' | ' |
Property Subject to or Available for Operating Lease [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Base rent | 46,012 | ' | ' | ' | ' | ' | ' |
Term 1 [Member] | Property Subject to Operating Lease [Member] | ' | ' | ' | ' | ' | ' | ' |
Property Subject to or Available for Operating Lease [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Area of commercial building leased | 20,005 | ' | ' | ' | ' | ' | ' |
Term 2 [Member] | ' | ' | ' | ' | ' | ' | ' |
Property Subject to or Available for Operating Lease [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Base rent | $91,904 | ' | ' | ' | ' | ' | ' |
Term 2 [Member] | Property Subject to Operating Lease [Member] | ' | ' | ' | ' | ' | ' | ' |
Property Subject to or Available for Operating Lease [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Area of commercial building leased | 38,778 | ' | ' | ' | ' | ' | ' |
Commitments_and_Contingencies_2
Commitments and Contingencies - Future Minimum Annual Obligations under Non-Cancellable Lease Agreements (Detail) (USD $) | Jun. 30, 2014 |
In Thousands, unless otherwise specified | |
Commitments and Contingencies Disclosure [Abstract] | ' |
2014 (remainder of year) | $646 |
2015 | 1,268 |
2016 | 1,170 |
2017 | 1,367 |
2018 | 1,368 |
Thereafter | 7,502 |
Total | $13,321 |
Stockholders_Equity_and_Stockb2
Stockholders' Equity and Stock-based Compensation - Additional Information (Detail) | 6 Months Ended | 1 Months Ended | |
Jun. 30, 2014 | Jun. 30, 2014 | Jan. 31, 2014 | |
Performance Shares [Member] | Performance Shares [Member] | 2013 Equity Incentive Plan [Member] | |
Once Performance Objectives Are Satisfied [Member] | If Additional Time-based Vesting Requirements Are Satisfied [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Additional shares of common stock reserved for future issuance | ' | ' | 2,094,194 |
PBRSU vesting rights, percentage | 50.00% | 50.00% | ' |
Stockholders_Equity_and_Stockb3
Stockholders' Equity and Stock-based Compensation - Black-Scholes-Merton Option-Pricing Model (Detail) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |
Warrant [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Volatility | 0.00% | 55.00% | 0.00% | 55.00% |
Risk-free interest rate | 0.00% | ' | 0.00% | ' |
Dividend yield | 0.00% | 0.00% | 0.00% | 0.00% |
Warrant [Member] | Minimum [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Expected term (years) | ' | '5 months 23 days | ' | '5 months 23 days |
Risk-free interest rate | ' | 0.22% | ' | 0.22% |
Warrant [Member] | Maximum [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Expected term (years) | ' | '3 years 1 month 28 days | ' | '3 years 2 months 27 days |
Risk-free interest rate | ' | 0.68% | ' | 0.68% |
Employee Stock Option [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Expected term (years) | '6 years 0 months 29 days | '6 years 0 months 29 days | '6 years 0 months 29 days | '6 years 0 months 29 days |
Volatility | 43.00% | 54.00% | ' | ' |
Dividend yield | 0.00% | 0.00% | 0.00% | 0.00% |
Employee Stock Option [Member] | Minimum [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Volatility | ' | ' | 43.00% | 54.00% |
Risk-free interest rate | 1.55% | 0.70% | 1.49% | 0.70% |
Employee Stock Option [Member] | Maximum [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Volatility | ' | ' | 44.00% | 55.00% |
Risk-free interest rate | 1.72% | 1.42% | 1.73% | 1.42% |
Stockholders_Equity_and_Stockb4
Stockholders' Equity and Stock-based Compensation - Change in the Fair Value of the Convertible Preferred Stock Warrant Liability (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ' | ' | ' |
Opening balance | $0 | $8,252 | $0 | $6,254 |
Increase in Fair Value | 0 | 604 | 0 | 2,602 |
Reclassification of warrant to additional paid-in capital | 0 | -8,856 | 0 | -8,856 |
Closing balance | $0 | $0 | $0 | $0 |
Stockholders_Equity_and_Stockb5
Stockholders' Equity and Stock-based Compensation - Allocation of Stock-Based Compensation Expense to Statements of Operations (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' |
Employee stock-based compensation | $2,767 | $1,840 | $5,282 | $2,902 |
Cost of revenue [Member] | ' | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' |
Employee stock-based compensation | 113 | 31 | 173 | 60 |
Research and development [Member] | ' | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' |
Employee stock-based compensation | 1,021 | 511 | 1,936 | 911 |
Sales and marketing [Member] | ' | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' |
Employee stock-based compensation | 957 | 560 | 1,755 | 873 |
General and administrative [Member] | ' | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' |
Employee stock-based compensation | $676 | $738 | $1,418 | $1,058 |
Stockholders_Equity_and_Stockb6
Stockholders' Equity and Stock-based Compensation - Summary of Stock Options Activity (Detail) (USD $) | 6 Months Ended | 12 Months Ended |
In Thousands, except Share data, unless otherwise specified | Jun. 30, 2014 | Dec. 31, 2013 |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ' |
Number of Shares Outstanding, Beginning of period | 12,957,942 | ' |
Number of Shares Outstanding, Options granted | 889,105 | ' |
Number of Shares Outstanding, Options exercised | -279,030 | ' |
Number of Shares Outstanding, Options forfeited | -867,747 | ' |
Number of Shares Outstanding, End of period | 12,700,270 | 12,957,942 |
Number of Shares Outstanding, Options vested and expected to vest, End of period | 11,604,770 | ' |
Number of Shares Outstanding, Options exercisable, End of period | 6,627,651 | ' |
Weighted Average Exercise Price, Beginning of period | $4.33 | ' |
Weighted Average Exercise Price, Options granted | $4.03 | ' |
Weighted Average Exercise Price, Options exercised | $1.37 | ' |
Weighted Average Exercise Price, Options forfeited | $7.95 | ' |
Weighted Average Exercise Price, End of period | $4.12 | $4.33 |
Weighted Average Exercise Price, Options vested and expected to vest, End of period | $4 | ' |
Weighted Average Exercise Price, Options exercisable, End of period | $2.93 | ' |
Weighted Average Remaining Contractual Life (Years) | '7 years 6 months 26 days | '7 years 9 months 10 days |
Weighted Average Remaining Contractual Life (Years) | '7 years 6 months 26 days | '7 years 9 months 10 days |
Weighted Average Remaining Contractual Life (Years), Options vested and expected to vest | '7 years 5 months 23 days | ' |
Weighted Average Remaining Contractual Life (Years), Options exercisable | '6 years 8 months 9 days | ' |
Aggregate Intrinsic Value, beginning of period | $27,629 | ' |
Aggregate Intrinsic Value, end of period | 14,783 | 27,629 |
Aggregate Intrinsic Value, Options vested and expected to vest, end of period | 14,175 | ' |
Aggregate Intrinsic Value, Options exercisable, end of period | $11,415 | ' |
Stockholders_Equity_and_Stockb7
Stockholders' Equity and Stock-based Compensation - Summary of RSU Activity (Details) (Restricted Stock Units (RSUs) [Member], USD $) | 6 Months Ended | |
Jun. 30, 2014 | Dec. 31, 2013 | |
Restricted Stock Units (RSUs) [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Unvested, Beginning Balance, Shares | 42,500 | ' |
Granted, Shares | 3,034,704 | ' |
Vested, Shares | -288,081 | ' |
Forfeited, Shares | -65,874 | ' |
Unvested, Ending Balance, Shares | 2,723,249 | ' |
Unvested, Beginning Balance, Weighted-Average Grant Date Fair Value | ' | $11 |
Granted, Weighted-Average Grant Date Fair Value | $4.06 | ' |
Vested, Weighted-Average Grant Date Fair Value | $5.03 | ' |
Forfeited, Weighted-Average Grant Date Fair Value | $3.95 | ' |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) | 6 Months Ended | |
Jun. 30, 2014 | Jun. 30, 2013 | |
Income Tax Disclosure [Abstract] | ' | ' |
Effective tax rate (less than) | 1.00% | 1.00% |
Concentration_Customers_With_1
Concentration - Customers With 10% or Greater of Total Accounts Receivable and Net Revenue (Detail) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |
Percentage of Revenue [Member] | Customer A [Member] | ' | ' | ' | ' |
Concentration Risk [Line Items] | ' | ' | ' | ' |
Concentration risk percentage | 28.00% | 37.00% | 18.00% | 42.00% |
Percentage of Revenue [Member] | Customer B [Member] | ' | ' | ' | ' |
Concentration Risk [Line Items] | ' | ' | ' | ' |
Concentration risk percentage | ' | ' | 11.00% | ' |
Percentage of Revenue [Member] | Customer C [Member] | ' | ' | ' | ' |
Concentration Risk [Line Items] | ' | ' | ' | ' |
Concentration risk percentage | ' | ' | 10.00% | ' |
Percentage of Revenue [Member] | Customer D [Member] | ' | ' | ' | ' |
Concentration Risk [Line Items] | ' | ' | ' | ' |
Concentration risk percentage | ' | 12.00% | ' | ' |
Percentage of Revenue [Member] | Customer E [Member] | ' | ' | ' | ' |
Concentration Risk [Line Items] | ' | ' | ' | ' |
Concentration risk percentage | ' | 11.00% | ' | 11.00% |
Percentage of Accounts Receivable [Member] | Customer A [Member] | ' | ' | ' | ' |
Concentration Risk [Line Items] | ' | ' | ' | ' |
Concentration risk percentage | ' | ' | 42.00% | ' |
Percentage of Accounts Receivable [Member] | Customer F [Member] | ' | ' | ' | ' |
Concentration Risk [Line Items] | ' | ' | ' | ' |
Concentration risk percentage | ' | ' | 10.00% | ' |
Segment_Information_Additional
Segment Information - Additional Information (Detail) | 6 Months Ended |
Jun. 30, 2014 | |
Segment | |
Segment Reporting [Abstract] | ' |
Number of reporting segment | 1 |
Related_Parties_Details
Related Parties (Details) | 3 Months Ended |
Mar. 31, 2014 | |
Related Party Transactions [Abstract] | ' |
Ownership percentage by third party | 10.00% |